May 13, 2016: To coincide with the Strategic Cash Group’s launch today (25 February 2013) of the consultation into a Code of Conduct for the authentication of machine-dispensed bank notes*, the Payments Council has confirmed the role it will play once the consultation is complete.

The consultation is looking to establish a voluntary Code of Conduct for authenticating bank-notes which are redistributed to the general public through automated machines. This results from the increasingly common practice known as local recycling which occurs, for example, when retailers re-stock their own cash machines or self-service checkouts on-site with notes from the till, or when a bank branch puts customer deposits into a cash machine. For example, there are now some 30,000 self-service check-out terminals in UK retailers, capable of dispensing notes.

The proposed Code of Conduct seeks to ensure that all notes dispensed by automated machines are authenticated to the same high standards achieved by the Note Circulation Scheme* Members, who provide the vast majority of Bank of England banknotes from a network of wholesale cash centres.

Adrian Kamellard, Chief Executive of the Payments Council commented:

“The Strategic Cash Group’s desire to establish a new Code of Conduct for recycled bank notes responds to a shift in the way we obtain our notes. Over the past decade new ways of getting cash through automated machines have become increasingly available –with many more retailers or businesses owning and stocking their own cash machines or self-service checkouts. A new Code of Conduct responds to these developments and will help maintain consumer confidence in the cash they receive.

“The Payments Council is excellently positioned to take over the next stages in the development of the Code of Conduct. We will be working closely together with other stakeholders in the cash community, including the Bank of England, but also to reach out to local stakeholders, such as retailers, who will need to be actively involved.”

After the consultation closes on the 20th of May this year, the Payments Council will further develop and maintain the Code, working with the Strategic Cash Group, and will produce a database of ‘accredited’ retailers.

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Shariah-based Takaful Insurance of Africa is banking on product diversification and opening of more shops to establish itself better in the region.

The insurer has already acquired an operating licence from the Retirement Benefits Authority to start a Shariah-compliant pension scheme while the Insurance Regulatory Authority (IRA) allowed it to transact long-term insurance business or family Takaful known in conventional insurance as life insurance.

In an investor briefing held in Nairobi, the faith-based underwriter launched an expansion plan that will see it establish a presence in a number of counties.

Drive our expansion

Priority has been to counties in the North Eastern, Upper Eastern and Coastal regions of Kenya which have high population of the Muslim community.

“We are banking on devolution to drive our expansion as we seek to set base in all counties,” TIA’s chief executive Hassan Bashir said.

The company posted profits of Sh26 million and a 142 per cent growth in its gross written premium for the year 2012 reaching Sh430 million.

The insurer went ahead to share 60 per cent of the surplus earnings (Sh15.6 million) with its 4,000 customers who did not make any claim during the financial year — tabarru principle.

“Our products and services while based on Sharia-compliance are open to people of all faiths who believe in a cooperative model of insurance that is both ethical and fair to all involved.

“For this reason, we invite Kenyans of all backgrounds to take up policies with us, to see the difference we are making,” Mr Bashir said.

Source: www.aibim.com

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